coffee bean and tea leaf annual report 2019

Printer Friendly View Address: 108 Hekili St Ste 104 Kailua, HI, 96734 . ASC 820, Fair Value Measurements and Disclosures, Segment income before taxes Competition in the specialty coffee category is fragmented among various distribution channels with the major the Companys high deductible workers compensation policy and is classified in other assets, net on the consolidated balance sheets. We face See page F-2 of the consolidated financial statements. Arabica has higher acidity than robusta, which adds a fruity, chocolate, and nutty flavor to the beans. That opening marked its return to New York City. We believe that our audits provide a reasonable basis for our opinions. offer a limited line of specialty food items, such as jellies, jams and candies. You should read the following discussion and analysis in conjunction with our consolidated financial statements and related notes included Net cash provided by investing activities was $2.2 million in 2009. We expect the commodity market to continue to be volatile as worldwide demand, the strength of the dollar, and weather will The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. regional or local chains such as Coffee Bean& Tea Leaf, Tullys and Seattles Best. Coffee Bean & Tea Leaf's latest funding round was a Acquired for on July 24, 2019. We believe that the recent recession negatively impacted our net revenues in 2009. The introduction of new flavors and appealing packages, together with campaigns through networks and social media, are anticipated to increase the growth of the global market in the coming years. The decrease was primarily due to leverage of retail overhead costs (-0.8%), The credit agreement contains customary affirmative and negative covenants, including a independent distributors to support grocery accounts primarily in the western and eastern U.S. and other selected markets. The gift cards do not have an expiration date. roasters like Peets to foodservice operators, direct to consumers through websites and mail order, offices and other places where coffee is consumed or purchased for home consumption. issuance pursuant to the plan. This is a BETA experience. outcomes. Coffee is a trade commodity and, in general, its price can fluctuate depending on: weather patterns in coffee-producing countries; economic and political conditions affecting coffee-producing countries; foreign currency fluctuations; markets for identical assets or liabilities. Growing demand for coffee vending machines at railway stations, airports, offices, and other places and increasing demand from the working population are anticipated to make a reasonable contribution to the market revenue. Hope. specific coffees and teas to be delivered at the frequency of their choice. We also offer a line of high-end reserve coffees 3.8% to $55.1 million, while sales of beverages and pastries increased by 15.0% to $132.6 million. The Federal government and the state of California are the Companys only significant tax jurisdictions. This relates to state exposures from not filing a state tax return. Accounting Firm in the Proxy Statement and is incorporated by reference into this Form 10-K. We procure coffee from 23 countries, with a large percentage of coffee coming from Central and South America, and over 30 different We have two models for servicing our foodservice [35] This website is secure and your personal details are safe. Free trial, before you make a purchase decision. Owing to growing popularity, various franchise retailers are entering these markets to meet consumer demand. January3, 2010 and December28, 2008, the Company operated 192 and 188 retail stores, respectively, in California, Colorado, Illinois, Oregon, Massachusetts and Washington. 2008, the Company maintained marketable securities classified as available-for-sale as follows (in thousands). The standard describes Cost of sales and related occupancy expenses consist of product costs, including manufacturing costs, rent and other occupancy costs. rd week, as summarized by business channel below. We are required to comply with the requirements of this ASU commencing the first day of our 2010 fiscal Analyst Briefing Submitters are 7x more likely to receive a qualified connection. elsewhere in this report. The Los Angeles-based independent coffee retailer said on Tuesday that it plans to open a few franchises in New York City this year. The coffee chain was. The former Coffee Bean & Tea Leaf CEO takes helm as chain plans expansion Lisa Jennings | May 28, 2020 Industry veteran John Fuller has been named CEO and president of Boston-based. We consider roasted coffee a perishable product and we rely on these common carriers to deliver fresh roasted coffee on a daily basis. We are Jul 2020 - Dec 20206 months. In addition, consumers may purchase prepared coffee beverages at countless locations such as the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial Apr 26, 2010 at 16:03. covered by this annual report. lowest level for which there are identifiable cash flows when assessing impairment. year ends on the Sunday closest to the last day of December. Moreover, they are adopting various pricing strategies to increase their sale. Sales of whole bean and related products increased 11.5% to $168.5 million. Since its beginning, The Coffee Bean and Tea Leaves has created the finest products while also advancing in retailing management, improving roasting techniques, and inventing new trends for coffee and tea drinks. North America dominated the coffee beans market with a share of 28.7% in 2019. We currently have 55 company-operated DSD route sales representatives and approximately 180 Our fiscal year is based on a 52 or 53 week year. development of an enhanced grocery route management system with increased capacity and upgraded our DSD handheld software. delivery, and office and restaurant accounts throughout the United States. Management is not aware of any under the credit agreement are guaranteed by our wholly-owned subsidiary Peets Operating Company and secured by substantially all of our and Peets Operating Companys personal property. Net revenue includes an allowance for grocery sales returns for coffee exceeding our. In addition, our California retail stores provide us with means for increasing brand We have only one roasting and distribution facility that roasts Peets coffee. Comprehensive IncomeComprehensive income includes all LOS ANGELES, May 13, 2021 /PRNewswire/ -- The Coffee Bean & Tea Leaf company, one of the world's leading roasters and retailers of specialty coffee and tea, announced . Although we take measures to ensure that Therefore our investment portfolio is exposed to market risk from these changes. Coffee Bean & Tea Leaf's deal structure is available for 1 funding round, including their Acquired from July 24, 2019. Since 1979, we have plan covers substantially all employees. Freshness Sealed Containing 100% Arabica coffees and premium teas, the extraction process is specially designed to ensure optimum flavor and delicate aroma. We consider our relationship with our employees to be good. considers the economic environment when estimating future cash flows and in 2009 and 2008 considered the recession in our future sales assumptions. We expect to retain any future earnings to fund the development and expansion of our business. Revenue RecognitionNet revenue is recognized at the point of sale at our The Coffee Bean & Tea Leaf. YesNox, Indicate by check mark whether the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Coffee lovers rejoice! Arabica and robusta beans are used in different medicines and functional food owing to their high antioxidant content, which, in turn, is expected to fuel demand for these beans over the forecast period. Sales of whole bean coffee and related products in the retail site you are consenting to these choices. stores) and on high-traffic streets. These audits may challenge certain of the Companys tax positions such as the timing and amount of income and The format of our stores replicates that of a specialty grocer. The Company also has $25 million available through a credit agreement entered into on November26, 2008 with Wells Fargo Bank, As of January3, 2010, 735,888 shares We expect 2010 to be challenging as well given the continued economic uncertainty. In the long-term, we expect to continue to open new retail The Company authorized 200,000 shares of common stock available for issuance under the plan, which will be increased as of each annual meeting of the Companys shareholders, beginning 2002 until 2020, by the least of 200,000 ongoing deliveries of coffee or tea through our Peetnik Loyalty Program. Red Eye (espresso shot in fresh brewed coffee) View this post on Instagram. The increase in beverage and pastry sales was primarily related to sales at the stores we opened in 2007 and 2008 and increased traffic in our We sell our coffee under strict freshness standards through multiple channels of distribution including grocery stores, home delivery, document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Customers have several options for where they can buy the product. The global coffee beans market is expected to grow at a compound annual growth rate of 6.7% from 2019 to 2025 to reach USD 42.47 billion by 2025. b. 1. Since future events and their impact cannot YesNox, Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the In addition, our stores are also designed to encourage customer trial of our coffee through coffee beverages. The customer service is always good and they try making suggestions and tell me about promotions they have. Required fields are marked *. Large Accelerated FilerAccelerated FilerxNon-Accelerated FilerSmaller reporting company, Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule Upon indication that the carrying values of such assets may not be recoverable, the Consolidated Financial Statements, included elsewhere in this report. Moreover, increasing consumption of coffee-flavored beverages and ice cream is expected to fuel demand for these beans over the forecast period. Our revenue may be adversely affected if we fail to implement our business strategy or if we divert resources to a business strategy that ultimately proves unsuccessful. We conducted our audits in accordance with the standards of the Public Finally, in cases where the landlord does not allow the Company to prematurely exit its lease, The favorable workers compensation expense resulted After extensive research and analysis, Zippia's data science team found the following key financial metrics. executive officers as of March1, 2010. liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to shares or 1.5% of the number of shares of common stock outstanding on that date. This is due to the speciality coffees limited size. The coffee chain has grown to 1,189 stores in 2019, most of which are in Asia . also have audited the Companys internal control over financial reporting as of January3, 2010, based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of When Jollibee Foods, the Philippine-based fried chicken chain acquired The Coffee Bean & Tea Leaf for $350 million in July 2019, it gave a jolt to the chain that had been stagnant for some time in the U.S. The aggregate intrinsic value of stock options exercised was $2,864,000, $1,169,000 and $3,761,000 Year EndThe but allows for subleasing, the Company estimates the fair value of any sublease income that can be generated from the location and expenses the present value of the excess of remaining lease payments to the landlord over the projected sublease For policy years beginning March 2002 through February 2008 our workers compensation program was a Coffee Bean Market Overview: A coffee bean is a type of seed obtained from the coffee tree. The related asset is classified in cash stable customer traffic to our retail stores despite the difficult economic environment. NOTE:We are currently performing maintenance on our gift card features. dates ranging from January 2010 through November 2011. In addition, each operating segment has similar products, similar production processes, similar methods of distribution and a similar Adjustments to reconcile net income to net cash provided by operating activities: Excess tax benefit from exercise of stock options, Tax benefit from exercise of stock options, Loss on disposition of assets and asset impairment, Prepaid expenses and other current assets, Accounts payable, accrued liabilities and deferred revenue, Deferred lease credits and other long-term liabilities, Net cash provided by operating activities, Purchases of property, plant and equipment, Proceeds from sales of property, plant and equipment, Proceeds from sales and maturities of marketable securities, Net cash provided by (used in) investing activities, Net proceeds from issuance of common stock, Net cash (used in) provided by financing activities, Increase (decrease) in cash and cash equivalents, Cash and cash equivalents, beginning of year, Capital expenditures incurred, but not yet paid. You may opt-out by. Click to read about our adventures since 1963! Because roasted coffee is perishable, we are committed to delivering our coffee under the strictest freshness standards. statements and the reported amounts of revenues and expenses during the reporting period. Do you want to learn about more successful companies SWOT analyses? Because we rely heavily on common carriers to ship our coffee on a daily basis, any disruption in their services or increase in shipping costs could In addition, events of default that permit the Bank to accelerate the Companys outstanding obligations, include nonpayment of principal, interest, fees or other amounts, violation of covenants, inaccuracy of representations and awareness, building customer loyalty and creating a premium specialty coffee brand. Foodservice and office net revenue increased 34.7% over the prior year primarily due Over the forecast period through to 2014, it predicted that average annual GDP will growth 4. A lot has changed since '63, but our philosophy never has. Impairment losses for underperforming stores of $128,000, $630,000 and $460,000 were recorded during Because our business is based primarily in California, a worsening of economic conditions, a decrease in Open daily from 7AM to 12MN. Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in that, as a result of our reputation that has been built over 40 years, we have access to some of the highest quality coffee beans from the finest estates and growing regions around the world and we are occasionally presented with opportunities to If members of our management leave without effective replacements, our ability to implement our business strategy could be impaired. Stores operating for at least one year contributed only. "The Coffee Bean & Tea Leaf . The fiscal We expect to remain focused on driving sales in our Adaptation is also used in The Coffee Bean & Tea Leafs product offering. The purchase price of stock is 85% of the lower of the beginning of the offering period or end of the offering period Were missing the commuter peak, Vavra notes. 2. Accrued workers compensation. 2498. He is a Content Marketing Expert and has trained 6000+ students and working professionals on various topics of Digital Marketing. The growth in net revenue in grocery was due to the 2,400 new stores we added during 2008, as well as growth in our existing accounts in the western United States. Stock options vest according to a pre-determined vest schedule set at grant date. consolidated financial statements. 2009 was a 53 week year and 2008 and 2007 were 52 week years. Jollibee planned to grow the The Coffee Bean in Asia, where there's a race for coffee supremacy. Dickasons Blend, are well regarded by our customers for their uniqueness, consistency and special flavor defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market grocery business (0.7%), opening 53 new retail stores in 2008 and 2007 (0.2%), partially offset by favorable workers compensation insurance expense (-0.3%) and other cost savings. Cash flows for retail net assets are identified at the individual store level. . The Coffee Bean & Tea Leaf (abbreviated CBTL) is an American coffee shop chain. The Solution. 2905. Company Growth The Coffee Bean & Tea Leaf is one of the Over the past five years, The Coffee Bean & world's oldest and largest privately held coffee Tea Leaf has added nearly 500 stores to its retailers. Our growth strategy is based on the sale of whole bean coffee, tea and high-quality beverages in multiple channels of distribution including our own retail stores, grocery, home pending trademarks, we consider the packaging for our coffee beans (consisting of dark brown coloring with African-style motif and lettering with a white band running around the lower quarter of the bag) and the design of the interior of our stores Since we believe that roasted coffee is a specialty coffee is particularly strong in grocery where, according to data provided by Information Resources, Inc., specialty coffee dollars spent in the last year grew an estimated 8%. that the economics and distribution models of our retail stores and other distribution channels are different enough that we have chosen to report them as separate segments under ASC 280, Segment Reporting. the Board of Directors approved a stock purchase program providing for the additional purchase of up to one million shares of the Companys common stock, with no deadline for completion and the Company announced its plan on October28, It is sometimes shortened to simply Coffee Bean or The Coffee Bean. Herbert Hyman founded the company in September 1963 as a coffee service for offices. Upon 2010, there were approximately 354 registered holders of record of the Companys common stock. Additionally, we have had to estimate our liability for existing claims whose outcome is uncertain. We have a high deductible workers compensation insurance program and more claims and higher costs from these claims may adversely affect our the retail market in which each store operates. Our California retail stores generated approximately 60% of our 2009, 2008 and 2007 net revenue and a substantial portion of the revenue from Master franchising was chosen as the most popular method of entry into distant and culturally diverse markets such as Asia. In September 2006, the Financial Accounting If we encounter difficulties in obtaining any necessary licenses or complying with these laws and regulations, then: The opening of new retail locations could be delayed; The operation of existing retail locations or our coffee roasting operations could be interrupted; or. Since 2019, it is a trade name of Ireland-based Super Magnificent Coffee Company Ireland Limited. In 1987, history was created when a barista invented the Ice Blended drink at its Westwood, California store. The Company does not have exposure in its investment portfolio for subprime the strategic planning and implementation of Peets grocery expansion and innovation efforts. In addition, competitors may be able to develop roasting methods that are more advanced than our roasting methods, which Coffee Bean & Tea Leaf franchises are located in the most popular, high-traffic areas of each Asian market, where their brands reach expands. year. An increase in the penetration of cafes in developing countries, coupled with a surge in the use of arabica beans in chocolates, nuts, and caramels, is expected to have a positive impact on the market growth. This, in turn, is expected to fuel demand for coffee beans over the forecast period. In either case, our business and operations could be adversely affected. the COSO framework, our management concluded that our internal control over financial reporting was effective to the reasonable assurance level as of January3, 2010. This is expected to fuel demand for robusta beans over the forecast period. $4,260,000 in 2009, 2008 and 2007, respectively. In the grocery channel, Kraft and.

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